SEPTEMBER 9, 2022
10 min read
Every niche has its own specifics, and sometimes it requires special types of employees. Because fintech is so specific, it’s important to find programmers who know what they’re doing.
Keep reading our article if you want to know how to put together a good fintech team and what to keep in mind during the search.
What is a Fintech Developer?
Fintech is short for “financial technology”. It makes a reference to how digital advances are helping to change the banking and financial services industry. Fintech’s growth has made it much easier for more people to use financial services.
Banks have also been using this technology for a while now. Credit cards and ATMs are just two examples of how technology has already changed the banking industry. It’s just that newer financial technology companies can offer more digital financial services in more places.
What Type of Products Should You Hire Fintech Developers For?
If you want to make any of these financial technology products, you’ll need a financial software developer team:
- Banking apps. Having knowledge of fintech can help you build digital banking solutions that are safe and reliable. These include security measures to keep customer information safe and online banking apps that let people access their accounts from anywhere.
- Insurance apps. Many life insurance companies are still using old technology stacks, so fintech developers may be able to help your company stand out.
- Lending apps. Programmers who work with fintech can help you make a new lending app. They let you check your credit report, apply for a loan, and pay your bills. Credit reports, loan applications, invoices, and other services are commonplace in such apps.
- Payment apps. Users can store and move money from their bank account or credit card right inside the app.
- Trading and investing apps. Users can trade stocks, ETFs, and options on the go with these apps. Bitcoin, Dogecoin, and Ethereum can be bought and sold.
- Cryptocurrency apps and platforms. Fintech developers have made e-wallets, websites, and apps for the bitcoin business. They might work with your IT team to solve problems with bitcoin transactions.
What Skills Does a Fintech Developer Need?
Once you’ve decided on which type of product you want to develop, you should consider which type of fintech developer you need. There are some basic job requirements, hard and soft skills, and relevant finance experience your developer needs. Additionally, hard skills for frontend and backend developers differ a lot.
Basic Job Requirements
Asking yourself these questions may help you to hire fintech developer:
- What positions do you want to fill?
- How much work experience do you need?
- Who do you plan to hire? How many will be juniors, middle schoolers, and seniors?
- How skilled should your experts be?
- How much will your fintech team cost?
The second step is to decide on hiring a front-end or back-end developer. Frontend developers are responsible for translating design into code to create a great user experience. Essentially, they transform design into code.
Hard Skills for Frontend Development
When you hire fintech developers, make sure they have the right set of skills, including familiarity with certain libraries, languages, and frameworks. What sort of app do you want? Be sure they have a firm grasp of technology before hiring them to create a financial platform.
What front-end developers should know:
- How to test programs on browsers and devices.
- How to use SEO for organic website traffic.
- How WPO makes pages load quicker.
- Frameworks and libraries, necessary programming languages.
- How to use version control systems to monitor code changes.
Hard Skills for Backend Development
A back-end engineer is in charge of how an app works behind the scenes. You can’t run the front-end without running the back-end. Back-end developers build and maintain servers, application programming interfaces (APIs), databases, and application logic using programming languages.
What a back-end developer should know:
- How to store data in databases.
- How to use relational and non-relational databases.
- How to create servers and process user requests.
- How to create APIs.
- How to create and deploy data structures.
Some tasks and applications call for the expertise of a fintech team. Identify a financial application developer team that can meet your needs and the needs of your project by outlining the necessary expertise.
Let’s look at some things your fintech team must know well:
- Banking and finance experience
- Knowledge gained from actual work with relational database development
- Knowledge of Amazon Web Services’ Data Technologies
- Excellent familiarity with JS frameworks
Soft skills make your developers better cooperate and understand your business needs. Some most important in our opinion are:
- Communication. It makes it easier to avoid misunderstandings and encourage cooperation within the team and with you, as the owner of the business.
- Empathy. This intangible helps developers avoid conflicts that aren’t necessary so they can focus on doing their jobs well and treating each other with respect.
- Proactivity. Proactive developers don’t wait for orders, they act right away. People who are proactive get projects done faster because they are able to anticipate problems and act quickly to solve them.
- Problem-shooting. Fintech solution developers for hire who have this skill can quickly and objectively figure out the problem’s causes and come up with good solutions.
- Adaptability and flexibility. The financial technology business is changing frankly, so developers need to be quick on their feet and able to deal with new problems as they come up.
Where to Find Fintech Developers?
There are several proven manners to find fintech developers. The most useful in our opinion are job boards, recruiting firms, outsourcing companies, and freelance platforms.
As demand for fintech professionals rises, more niche job sites have emerged. Creating a detailed company profile on the board will attract the best fintech developer. Include your startup’s logo and website. Describe the company’s culture and environment to attract competent recruits.
- In this way, you may communicate with many people.
- You may choose from a wide variety of both general and specialized forums.
- Boards are useful for developing a positive reputation as an online employer.
- For many businesses, job boards act as an integral part of their recruiting advertising strategy.
- The board system streamlines the hiring procedure.
- Be ready to sort through a flood of applications.
- Sometimes you may struggle to hire certified professional fintech software developers because there is no guarantee that a candidate has relevant experience.
- There is no promise that the perfect applicant will appear.
- People who aren’t actively looking for work won’t be considered.
Recruiting companies are a good resource for you to hire financial software developers if you don’t have much time to spend on the candidate screening process. Fintech recruitment specialists do the following:
- Use social media, databases, and cold calling;
- Inspect and evaluate potential employees;
- Schedule meetings with potential prospects;
- Check the applicants’ histories before hiring them;
- Aid you in the process of onboarding new employees.
- The time it takes to fill available jobs may be reduced by using a recruiting agency.
- It will lead to higher-caliber applicants for open positions.
- Your in-house recruiters may lack the specialized expertise that an agency may provide.
- As a result, this strategy often comes with hefty price tags.
- Agencies that find software developer in fintech for open positions can’t guarantee they’ll mesh well with an organization’s culture.
- Using outside firms to find and hire employees sometimes means giving up control of your company’s employer brand.
IT outsourcing refers to the practice of contracting out the provision of information technology enabled business processes, application services, and IT infrastructure in order to achieve desired organizational results. It means you hire a finance software development company who further takes charge of developers qualification. There are outsourcing companies which specialize in the fintech field, and DashDevs is one of them.
- The method is cost-effective since payment is based on the actual time and effort used. There will be no further costs for advertising, employee incentives, etc.
- You have access to a sizable pool of talent consisting of fintech app developers with the requisite knowledge for your product.
- A vendor offers financial and legal assistance, commercial analysis, and post-development maintenance of the product;
- A time-saving and effective method, this method frees up company leaders to focus on what they do best.
- Outsourcing has nothing to do with your business employee brand.
- You don’t always know who your developers are, while you are certain about their qualification level.
Freelancers are often hired by companies around the world because they are cheaper than in-house employees and can work with developers anywhere.
- It is a cheap alternative. Vacation time, equipment, sick days, and so on are all taken care of for you. You pay solely for hours worked.
- You have a broad selection of financial developers with different expertise and experience throughout the globe.
- Time zone variations and a lack of face-to-face communication might be contributing to management issues.
- While they are capable of doing quality work, freelancers are often less invested in their job and less driven than full-time employees, so they may do the least just to create some-what financial services website.
- You need to be ready for the possibility that claims made about a developer’s proficiency in fintech may turn out to be exaggerated or even completely incorrect.
Tips How to Choose a Good Fintech Developer
Here is some advice from our recruiters on what you may do to better the chances you hire a perfect fintech developer for your app.
- You need to come up with a distinctive job title that encapsulates the essence of the position, including its duties, working conditions, pay, and hours.
- Tell them more about your company and the kind of environment you’re offering to potential employees.
- Make sure that potential applicants are aware of the prerequisite skills, ideal work experience, and application process (website, LinkedIn, or job board).
- Publish the same job description in many places. It’s a great way to spread the word about your open position across numerous channels at once, increasing the likelihood that qualified candidates will see it and helping you grow your company.
- Always check your potential employee background and verify the facts they state in their CV.
Interview Questions to Ask when Hiring a Fintech Developer
The following are the questions we use to ask fintech developers who we are going to hire. It is important to understand whether they have proper experience.
- Which cutting-edge fintech innovation do you find most fascinating, and why?
- What inspired you to enter the fintech industry?
- Do you have a preference for one programming language over another? Why?
- Tell me about the value you’d be able to provide to this business.
- Which of our products do you know?
- Explain a challenge you’ve had using financial technology. How did you figure it out?
- What are the benefits of working in the financial technology industry?
- Can you tell me about your immediate professional objectives?
- Why are you interested in working with us?Give a brief definition of blockchain and share your own experience, if applicable.
- If you want to know how a firm is doing financially, all you need to do is look at the four financial statements listed below.
- How well-versed are you in the concepts of compound interest and the time worth of money?
Why to Hire Fintech Developers at Dashdevs?
DashDevs is a financial software expert. We have completed over 20 digital banking projects without a hitch, and on average, we continue to work with our clients for six years or more. For the last seven years, we have been committed to developing and using a microservice-based design.
More advantages of working with Dashdevs fintech developers:
- Screening in advance. First, prospective employees’ CVs are evaluated thoroughly as part of DashDevs’ screening procedure. After that, we have our recruiter contact the top financial software professionals and invite them to a video interview where we can evaluate their interpersonal skills and inform them more about our organization.
- English level approval. In addition, we ensure that all of our fintech professionals have a solid grasp of the English language. You can be certain that only fluently speaking professionals will be working on your fintech development projects.
- Expert tech interview. In the third of our hiring process, our project managers and senior tech specialists assess the technical proficiency of prospective fintech software developers. We typically have them do tasks designed to test their experience in terms of their skills.
- Final interview with the client. In the last round, the DashDevs team presents you with a shortlist of qualified fintech developers. After conducting interviews, you choose the candidates you believe would be the greatest fit for the task at hand.
Our financial solutions are supported by industry knowledge and hands-on experience. We can provide technological guidance, professional execution, timely delivery, and continuing support, but we can also save you time by providing an honest, objective appraisal of what will and will not work. Feel free to contact us and bring a cutting-edge product into the world together.